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'$3 gas will be the norm by Memorial Day,' says analyst: Here’s how the headlines can affect your money

"We've been trapped inside for a year. People want to get out of the house."


Markets slipped Tuesday, policymakers testify on economic recovery, and Wednesday marks Equal Pay Day. Plus, prepare for higher gas prices. Here's how the headlines could affect your money.

Stocks slide on bull market anniversary

An afternoon slide led the major indexes to close in negative territory Tuesday. The S&P 500 dropped 0.8%, the Dow 0.9%, and the Nasdaq 1.1%.

Some perspective: Tuesday marked the one-year anniversary of the current bull market. Stocks in the S&P have rebounded 76% since last March's lows. And the market moved higher Wednesday morning.

Powell: Economic recovery 'looks to be strengthening'

Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell testified before the House Financial Services Committee Tuesday. They weighed in on topics including stimulus measures, inflation, and the stability of the financial sector. 

While some sectors of the economy hard-hit in the pandemic "remain weak," Powell said, the recovery overall has "progressed more quickly than generally expected and looks to be strengthening." The policymakers will continue their testimony Wednesday morning. 

Why the best time to start investing is now, even if the market is hot

Video by Helen Zhao

Plan ahead for higher summer gas prices

As you reimagine your post-vaccination budget, factor in pricier gasoline. After "weeks of seeing almost daily increases," the national average for a gallon of gas is $2.87, according to AAA. That's 21 cents more than a month ago and up 77 cents from last year.

Some experts say it's likely to keep climbing, in part due to higher consumer demand: "Three dollar gas will be the norm by Memorial Day," Robert Yawger, director of energy futures for Mizuho Securities, told CNN. "We've been trapped inside for a year. People want to get out of the house."

We've been trapped inside for a year. People want to get out of the house.
Robert Yawger
Director of energy futures, Mizuho Securities

Words you've heard: Equal Pay Day

Women earn 82 cents for every dollar that men earn, according to the National Women's Law Center. Wednesday is Equal Pay Day, which marks the break-even point when the average woman will have earned as much as the average man did the previous year.

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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